3 comments:

Anonymous
said...

And at 5:50 you see why the Hayekian (or rather Austrian) side is not allowed a seat at the big boys table. They have turned their back on economics as a scientific endeavor and prefer narrative and hand waving to precision and analytical rigor. They can barely keep from rolling their eyes when they say the word "equations". Look, formal models and statistics investigate "Emergent Order" from decentralized systems all over the natural world, and there is no reason at all that equations and computer code cannot do so when looking at socio-economic systems.

The fact that the intellectual children of Hayek disengaged from modern economics 40ish years ago means that we are left without people who understand both emergent views of the economy and the requisite technical skills to scientifically investigate them.